Global pentaerythritol market demand was 514.7 kilo tons in 2012. Growing demand for stable polyols across various derivatives manufacturing industries is expected to drive global pentaerythritol market over the next few years. Pentaerythritol has been gaining importance as a substitute for electrical transformer fluids on account of its biodegradability and less hazardous nature. Various properties such as low volatility along with high flash point offer ignition resistance on account of which, pentaerythritol has emerged as an ideal substitute to dielectric fluids used in transformers. Increasing application in electrical transformer dielectric fluids is also expected to have a positive impact on pentaerythritol market growth over the forecast period. Pentaerythritol finds application across numerous end-use industries including paints, construction, and automotive industry. Automotive applications such as lubricants, coatings, interior and polyurethane foam have been gaining importance over the last few years. Growing automotive industry coupled with increasing application scope is expected to fuel pentaerythritol market growth over the forecast period. Population growth and increasing disposable income in addition to willingness to spend have driven infrastructural developments in emerging economies of Asia Pacific and Latin America. Burgeoning middle class along with governmental initiatives towards cheaper home loans has driven construction industry in countries such as India and China. Growing automotive and construction industries in these countries are expected to drive pentaerythritol market over the forecast period.
Increasing demand for substitutes such as formaldehyde and acetaldehyde for several applications such as paints & coatings and synthetic rubber is expected to pose a challenge for pentaerythritol market growth over the forecast period. Volatile raw material prices are also expected to hinder market growth over the next six years. Increasing R&D and growing demand for bio-based polyols have led to the development of bio-based routes for manufacturing the polyol. Development of bio-based products coupled with the growth of niche application segments such as explosives and flame retardants is expected to create immense opportunities for pentaerythritol market participant.
Global pentaerythritol market volume by application, 2012-2020 (Kilo Tons)
Key applications of pentaerythritol have been classified into alkyd paints, alkyd adhesives/sealants, alkyd varnishes, plasticizers, alkyd inks, radiation cure coatings and lubricants among some others. Alkyd paints were the leading application segment for pentaerythritol in 2013. The increasing use of alkyd paints in automotive and construction industries is expected to drive the market growth over the forecast period. Plasticizers application segment is expected to register highest growth rate over the forecast period on account of increasing demand for high performance polymers with enhanced properties such as flame resistance, wear, and chemical resistance. Coatings and adhesives are also estimated to witness above average growth rates over the forecast period.
Asia Pacific region dominated the global pentaerythritol market in 2013 and is expected to remain the largest consumer over the next six years. The growth of construction spending and positive outlook on the regional automotive industry is expected to remain a key driving factor for the regional market. Asia Pacific along with being the largest market is also expected to register the highest growth rate over the forecast period. North America and Europe are expected to witness sluggish growth rates on account of mature automotive and construction industries in these regions. The market in these regions is characterized by stringent environmental regulations for manufacturing and handling synthetic polymers and derivatives. Growing demand for bio-based polyols in U.S., Germany and UK is expected to have huge potential for market growth over the next few years.
Global pentaerythritol market is moderately consolidated within top four companies accounting for just over half of the global market. Some of the leading companies operating in the global market include Hubei Yihua Group, Perstorp, Mitsui Chemicals, Ercros, and Celanese Corporation. Companies have been investing heavily in their R&D to come up with novel applications of pentaerythritol.
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